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Chapter 10. A Roadmap for Collective Action »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
The sources of external imbalances in the run-up to the financial crisis vary widely across the seven systemic economies studied here, largely reflecting factors that have led domestic saving behavior to dif...
Chapter 7. China: Imbalances and High Saving »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
China’s rapid growth has been accompanied by large external surpluses, reflecting an exceptionally high level of national saving. Behind this high saving lie a number of distortions that have re...
Chapter 5. France: Imbalances and Declining Competitiveness »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
France’s external balances over the past decade have gradually deteriorated from surplus to moderate deficit, reflecting worsening competitiveness on the back of declining trend growth. Rising p...
Chapter 8. Germany: Niche Exports and Improved Competitiveness »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
Germany has had large external surpluses over the past decade, while the public debt level has remained high. Large current account surpluses can be attributed to a confluence of factors, includ...
Chapter 6. India: Dealing with Perennial Fiscal Deficits »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
India’s fiscal imbalances have remained large despite a sustained period of high economic growth. Large budget deficits and high public debt can be traced to a political economy that exerts stro...
Chapter 9. Japan: Low Growth and an Aging Population »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
Japan has sustained fiscal deficits over many years that have led to a dramatic increase in public debt. Large fiscal deficits have resulted from persistently low growth—reflecting a trend decli...
Chapter 1. The Global Crisis and Imbalances »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
In the wake of the financial crisis, policymakers around the world renewed their focus on key imbalances in major economies with an eye toward reducing vulnerabilities that led to market upheaval and global...
Chapter 4. The United Kingdom: Imbalances and the Financial Sector »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
The United Kingdom’s key imbalances over the past decade originate in low saving. Growth has been reliant on private and public consumption financed by high domestic and external borrowing. Publ...
Chapter 3. The United States: Resolving “Twin” Deficits »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
The United States has experienced long periods of external and fiscal imbalances. Fiscal deficits were substantial in the mid-2000s and widened significantly during the financial crisis. Externa...
Chapter 2. (Why) Should Current Account Balances Be Reduced? »
Source: Global Rebalancing : A Roadmap for Economic Recovery
Series: Books
Author(s): Hamid Faruqee , and Krishna Srinivasan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 August 2013
ISBN: 9781475573664
Keywords: current account, public debt, public finances, fiscal consolidation, financial sector
This chapter looks to answer two complex questions. First, why might a country want to reduce its current account deficit or surplus? And second, why might the international community ask the country to do e...